Average price of new Tokyo apartment passes 100 million yen for first time

The average sales price for newly-built apartment units in Japan’s metropolitan Tokyo area jumped to 143.6 million yen ($1.07 million) in March, topping the 100 million yen mark for the first time, data showed on Tuesday.

The price, which has more than doubled from the same month last year and is the highest since the survey began in 1973, was buoyed by sales of ultra-high-end apartments in central Tokyo, the Real Estate Economic Institute said.

Of 2,439 units that went on the market in March, 9.1% of them were sold out on the same day, the institute’s data showed.

($1 = 134.3900 yen)